Annual report [Section 13 and 15(d), not S-K Item 405]

EQUITY (Tables)

v3.25.0.1
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Warrants Outstanding and Exercisable The following table summarizes the status of the Company’s warrants and related transactions for each of the presented years:
Non-Derivative Warrants
Derivative Warrants (1)
Total Number of Warrants Weighted - Average Exercise Price Per Warrant Aggregate Intrinsic Value Weighted Average Remaining Contractual Life (in Years)
Balance, January 1, 2023
 30,673,635 55,375,202 86,048,837 $ 1.40  $ 1,081  3.9
Granted (2)(3)
2,970,221  —  2,970,221  $ 0.63 
Cancelled (3)
(2,087,500) —  (2,087,500) $ 2.18 
Reclassified
 17,512,280 (17,512,280) —
Balance, December 31, 2023
 49,068,636 37,862,922 86,931,558 $ 1.12  $ —  3.0
Granted (4)
2,500,000  19,400,000  21,900,000  $ 0.99 
Cancelled/forfeited/expired (5)
(1,050,100) (35,862,922) (36,913,022) $ 1.21 
Balance, December 31, 2024
 50,518,536 21,400,000 71,918,536 $ 1.03  $ —  3.6
Exercisable, December 31, 2024
 48,898,536 21,400,000 70,298,536 $ 1.04  $ —  3.6
(1)In June 2023, 5,890,922 warrants were repriced from $1.25 to $1.00. Additionally, 17,512,280 warrants were reclassified from derivative liability warrants to non-derivative (equity) warrants and repriced from $2.086 to $1.00. Refer to Note 13 - Derivative Liabilities for additional information.
(2)The non-derivative warrants were issued for consulting or other services, therefore, these compensatory warrants are accounted for as share-based payment arrangements.
(3)On November 15, 2023, the Company cancelled warrants to purchase 200,000 SVS at an exercise price of $1.75 held by the Company’s Chief Financial Officer, that were originally issued on December 9, 2022, and reissued warrants to purchase 200,000 SVS at an exercise price of $0.55 and an expiration date of December 17, 2028.
(4)In July 2024, 19,400,000 warrants were issued in connection with the Term Loans. In February 2024, 1,800,000 warrants were issued in connection with the Debt Exchange. Refer to Note 10 - Debt for more information.
(5)On December 23, 2024, 35,862,922 warrants that were issued in connection with the Senior Notes expired.
Schedule of Share-Based Payment Award, Warrants, Valuation Assumptions The following assumptions were used for the calculations at date of issuance.
Year Ended December 31,
2024 2023
Weighted average stock price $0.60 $0.55
Weighted average expected stock price volatility 87% 77%
Expected annual dividend yield —% —%
Weighted average expected life of warrants 4.8 years 5.1 years
Weighted average risk-free annual interest rate 3.97% 3.94%
Weighted average grant date fair value $0.36 $0.28
Schedule of Stock Options Outstanding
The following table summarizes the status of stock options and related transactions for each of the presented years:
Stock Options Weighted Average Exercise Price per Stock Options Aggregate Intrinsic Value Weighted Average Remaining Contractual Life (in Years)
Balance, January 1, 2023
 30,752,259  $ 2.58  $ —  8.5
Granted 11,507,429  $ 0.54 
Cancelled/forfeited/expired
 (14,606,504) $ 3.20 
Balance, December 31, 2023
27,653,184  $ 1.40  $ —  8.2
Granted 12,954,490  $ 0.57 
Exercised (64,999) $ 0.60 
Cancelled/forfeited/expired
 (13,773,256) $ 1.81 
Balance, December 31, 2024
 26,769,419  $ 0.79  $ —  8.5
Exercisable, December 31, 2024
 11,209,397  $ 0.99  $ —  8.0
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions The following assumptions were used for the calculation at date of grant:
Year Ended December 31,
2024 2023
Weighted average stock price $0.56 $0.53
Weighted average expected stock price volatility 86.9% 76.6%
Expected annual dividend yield —% —%
Weighted average expected life 5.0 years 5.9 years
Weighted average risk-free annual interest rate 3.56% 3.81%
Weighted average grant date fair value $0.21 $0.30
Schedule of Restricted Stock Activity The following table summarized the status of restricted stock and related transactions for each presented years:
Unvested Restricted Stock Weighted-Average Grant-date Fair Value Price per Restricted Stock Average Intrinsic Value Weighted Average Remaining Vesting Term
(in Years)
Issued and Outstanding as of January 1, 2023
 1,156,319 $ 2.45  $ 881  0.3
Cancelled
 (54,774) $ 2.43 
Vested and Released (1,099,684) $ 2.45  $ 526 
Issued and Outstanding as of December 31, 2023
 1,861  $ 4.05  $ 1  0.7
Vested and Released (1,861) $ 4.05  $ 1 
Issued and Outstanding as of December 31, 2024
 — 
Schedule of Components of Share-based Compensation Expense
As of December 31, 2024, the Company had $2,266 of unrecognized share-based compensation cost related to unvested stock options and warrants, which is expected to be recognized as share-based compensation cost over a weighted average period of 1.4 years as follows:
2025 $ 1,589 
2026 491 
2027 147 
2028 33 
Thereafter
 6 
$ 2,266